IT Shares trading higher, surging up to 6 per cent on the BSE
Published On: Friday, January 8, 2021 | By: Team KnowMyStock
Shares of IT companies were trading higher, surging up to 6 percent on the BSE, ahead of sector giant Tata Consultancy Services' (TCS'), October-December 2020 quarter (Q3FY21) result, scheduled to be announced after market hours today (8th January 2021). Amid the rally, With a market cap of Rs 1.02 trillion at 02:15 pm, Tech Mahindra became the fifth IT company that joined Rs 1-trillion m-cap club. Overall, the company stood at 30th position in them-cap ranking, BSE data shows. Currently, among IT companies, TCS is numero uno with Rs 11.66 trillion market cap, followed by Infosys (Rs 5.53 trillion), HCL Technologies (Rs 2.69 trillion), and Wipro (Rs 2.44 trillion), data shows.
The Tata Group company, TCS, was up 3 percent at Rs 3,112 on the BSE and is expected to post a robust performance for the third quarter of the financial year 2021 (Q3FY21) on the back of strong demand in cloud adoption, tailwinds of large digital deals, project ramp-up, and lower furloughs believe analysts.
Among the other individual stocks, Wipro too hit a record high of Rs 429, up 5 percent on the BSE. Larsen & Toubro Infotech gain 4 percent to Rs 4,078, while, Infosys (Rs 1,302) and HCL Technologies (Rs 992) were up 3 percent.
Indian IT companies may post a strong performance for Q3FY21 on account of healthy order pipeline, large deal signings, and going by strong earnings from Accenture, believe analysts. Further, improvement in demand post-Covid-19, acceleration in adoption of the public cloud model, lower furloughs, and decent growth in sectors such as consumer, technology, and healthcare are likely to add to the revenues of the IT companies, they say.
Tags: Buzzing stocks IT stocks
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